RETAIL NEWS

Shea Vickers Development awards Snyder Langston SeaCliff Village Shea Vickers Development Inc. has selected Irvine, Calif.-based Snyder Langston to provide preconstruction and general contracting services for the $22 million renovation of the SeaCliff Village Shopping Center in Huntington Beach, Calif. Upon completion, the new retail center will encompass 259,000 sq. ft. on 27 acres of land - approximately twice the size of the original.

Currently, the center is anchored by Lucky supermarket, and plans call for the Lucky store to remain open and fully operational while the rest of the center is demolished and rebuilt with a new Lucky/Savon combo store.

Rockwood Realty arranges sale of Greenspoint Mall in Houston New York-based Rockwood Realty Associates has arranged the sale of the fee interest in Greenspoint Mall in Houston on behalf of Prudential Real Estate Investors. The purchaser, GPM Houston Properties Ltd., plans to reposition the 1.5 million sq. ft., single-story enclosed super-regional mall. In 1997, the mall, which is anchored by Foley's, Sears, Dillards and Montgomery Ward, generated approximately $175 million in total sales.

CenterFund Realty purchases Randall's Houston portfolio In order to provide a stronger presence in the Houston market, Palm Beach Gardens, Fla.-based CenterFund Realty Corp. has completed the acquisition of six retail shopping centers anchored by Randall's Super Markets Inc. The portfolio of shopping centers is located in metropolitan Houston, and it contains an aggregate area of 793,000 sq. ft. Included in the portfolio are the Mission Bend, Grogan Mill, Beecherest, Steeplechase, Woodforest and Kingwood centers.

Staubach Co. purchases $88M Carson Pirie Scott portfolio Through its equity investment division, Wolverine Equities, Dallas-based The Staubach Co. has completed the acquisition of six Carson Pirie Scott stores in the greater Chicago area for more than $88 million. The portfolio totals more that1.025 million sq. ft., with more than 70 acres of land. Staubach purchased the portfolio from IPLP Partners, a joint venture between Chicago and Baltimore investors.

General Growth buys Spring Hill Mall in Illinois for $124 million For an aggregate consideration of approximately $124 million, Chicago-based General Growth Properties has acquired 100% of Spring Hill Mall in West Dundee (Chicago), Ill. The seller of the 1.1 million sq. ft. property was TCW Realty Fund V. The center is currently 93% occupied, and it produces sales of approximately $295 per sq. ft.

Greenwich Group negotiates $54.3 million retail sale Bringing together mall owner Bossier Mall LLC of Greenwich, Conn., and buyer Chicago-based General Growth Properties, New York-based The Greenwich Group International has arranged the sale of Pierre Bossier Mall in Bossier City (Shreveport), La. The 614,000 sq. ft. mall sold for $52.3 million. Pierre Bossier Mall is a single-level enclosed mall, anchored by JCPenney, Sears and Dillards.

Northwestern Mutual takes an equity stake in Theatreplex Seeing an opportunity in the movie theater real estate niche, Northwestern Mutual Life Insurance Co., the nation's fifth-largest insurance company, has taken a significant equity stake in Chicago-based Theatreplex Entertainment Properties Inc. The initial investment by the insurance company was not disclosed.

"High-quality real estate equities have long been an important component of our investment portfolio, and we are continually seeking new ways to invest in promising areas of the market," says Lois A. Smith, director of real estate equities for Northwestern Mutual Life. "Through Theatreplex, we can capitalize on an innovative retail real estate niche that would otherwise be too specialized for us to invest in directly."

Over the next two years, Theatreplex intends to invest more than $250 million in theaters featuring curved screens, digital sound systems and stadium-style seating. With 10 screens or more, such theaters can cost as much as $25 million to build.